Whales Hoarding Render (RNDR): Is October Setting the Stage for Massive Gains?
Despite the broader market recovery, Render (RNDR) has struggled to attract investors and remained stagnant at its lows. However, recent sessions suggest that bullish pressure has propelled the price above the 20 and 50-day exponential moving averages.
Currently trading near the $5.5 level, Render has experienced a slight intraday loss of 1.44%. Nonetheless, the price performance indicates a 7% weekly gain in recent sessions, sparking hopes of a bullish breakout and improved returns for investors.
One factor that may alleviate investor concerns is the accumulation of Render by whales over the past month. Despite a lackluster performance last month, analysts have noticed increased whale activity in Render.
Let’s delve into a detailed analysis to determine whether Render is gearing up for an explosive move in October.
Whales Loading Up on Render (RNDR): Is it Time to Capitalize on the Dip?
Render is a leading decentralized GPU compute platform utilized for digital creation work, including 3D rendering, machine learning, and generative AI. With a market capitalization of $2.8 billion, Render currently holds the 32nd position in the cryptocurrency space.
Despite consolidation, analysts have observed notable shifts in several on-chain metrics, which increase the likelihood of a bullish breakout. According to Santiment, an on-chain analytics provider, whales now hold nearly 72.26% of the total supply, up from 70.2% in the past month, suggesting significant whale activity.
Over the last month, whales have added over 10.64 million RNDR tokens worth $57.46 million to their portfolios. Given that whales typically have substantial investments and resources, their activity tends to align with the prevailing trend.
Furthermore, the MVRV ratio curve has shown improvement in recent sessions, indicating that more investors are turning profitable. The 7-day MVRV ratio stands at 11.65% and the 30-day MVRV ratio at 8.3%, suggesting positive portfolio developments for investors.
Is Render Ready for a Strong Breakout in October?
Examining the price chart, Render has experienced a correction phase over the past three months, with a drop of over 58% from its annual high of $13.6. Although the recent Fed interest rate cut has sparked newfound optimism, Render has struggled to break out of its consolidation phase.
On the upside, the $6.37 level has served as a formidable supply zone, impeding significant price gains. A breakthrough above this level could confirm a bullish trend shift and potentially propel Render into the recovery wave within the market.
Currently, the Render price is fluctuating between the 50 and 200-day EMAs. A breakout or breakdown on either side of the EMA might confirm the trend outlook, which is currently sideways.
With various metrics suggesting a bullish breakout in the short term, technical indicators such as the RSI and the 14-day SMA line depict a positive crossover, indicating a continuation of the bullish trend. However, traders and investors should closely monitor the price movement in the short term.